Monday 3rd March 2008

	Print
	Email
	Text size
	Comment

First institutional fundraising for wave energy venture

ORECon, the Devon-based developer of a device to harness energy from waves, has received $24 million (£12.1 million) from a syndicate of European and US venture capital houses. Led by Advent Venture Partners, the syndicate also includes Venrock, Wellington Partners and Northzone Ventures.

The funding will be used to build and deploy a full-scale device using ORECon’s proprietary system of multiple wave chambers of differing depths integrated into a single buoy. The company then plans a commercial roll-out of the technology, which it claims improves the efficiency of power generation.

CEO David Crisp says: ‘The funding will enable us to aggressively exploit our patented technology and position it as a viable competitor to fossil fuel generation.’

Peter Baines, general partner at Advent, comments: ‘ORECon is that rare breed: a combination of an exciting vision for the future, an innovative technology and an experienced entrepreneurial team to turn this vision into reality.’

Advent Venture Partners, Northzone and Wellington Partners are based in Europe. Venrock, originally established as the venture arm of the Rockefeller family, has offices in the US and Israel.

User Comments

There are currently no comments on this post.

Related Articles

• Funding boost for ethical retailer
• More VC money for local review websites
• Second round of investment for Mydeco
• Eric Archambeau: strictly mainstream
• Intel leads €85 million Sulfurcell round

People who read this article also read ...

• YFM backs Fishawack MBO
• Tarsus buys into China
• Cleantech fund closes eight deals in first year
• Endless raises £164 million fund
• Whizz Kid gets follow-on funding

Related sections

Interesting links

• Cash Shells on AIM provides a comprehensive overview of cash shells on AIM, companies that have become a significant feature on the AIM landscape.
• Middle East and Beyond on AIM 2008 - a closer look into AIM companies from the Middle East and surrounding regions
• VCT special research report - an in-depth analysis of the VCT sector
• The AIM Guide 2008 - the Spring guide of every AIM listed company
• Spotlight on AIM 2008 research report – find out the best and worst performing stocks of last year
• New Issues on AIM 2007/08 research report - find out which international companies have floated and which sectors are dominating
• MandAdeals.co.uk - covering latest mergers and acquisitions
• FT Guide to Personal Tax - advice to completing your tax return
• Director's Salaries on AIM 2007 research report - a detailed look at directors' average remuneration
• Businessxl magazine for entrepreneurs of fast-growth companies
• Aimguide.co.uk - guide to the Alternative Investment market